The Latest on SunPower’s Bankruptcy: Recent Updates
See the latest on SunPower's bankruptcy case and how it's affecting customers.
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SunPower filed for Chapter 11 bankruptcy on Aug. 5 after months of financial struggles. With over 500,000 customers, the solar giant has been a major player in the industry. Its closure likely has many customers worried about warranty coverage, loan terms and continued service. Here’s the latest.
Most recent updates
- Court approves Complete Solaria's purchase of Blue Raven Solar.
- SunPower allegedly announces it will no longer provide technical support to customers.
- Customers can start lease buyouts online.
- Bankruptcy court approves Complete Solaria's bid for SunPower assets.
- Launch Servicing is handling lease transfers initiated after Aug. 1.
- Maxeon requests longer timeframe to review SunPower final purchase agreement.
- Customers may only have 90 days to submit claims.
- Enphase and Maxeon confirm SunPower's bankruptcy doesn't affect customer manufacturer warranties.
September 26, 2024 | Bankruptcy Documents
Court approves Complete Solaria’s purchase of Blue Raven
A bankruptcy court approved Complete Solaria’s purchase of SunPower some assets, including Blue Raven Solar, on Sept. 23. This means that SunPower can begin the process of closing the sale and transferring ownership of the company to Complete Solaria. Complete Solaria said in a press release that it expects to close the sale on or before Sept. 30.
September 26, 2024 | Enphase
Enphase offers monitoring services for SunPower systems
Solar microinverter manufacturer Enphase is offering a monitoring alternative to customers who want to move away from SunPower’s monitoring system.
Customers will have to pay $699 plus tax to set up Enphase’s monitoring service. Because Enphase doesn’t change anything with customers’ SunPower equipment, any existing SunPower warranties are unaffected, according to Enphase.
September 26, 2024 | Enphase
SunPower no longer offering technical support to customers
According to a document shared on Reddit, SunPower announced on Sept. 20 that it will no longer support SunPower customers who purchased solar energy systems. In the alleged email to affected customers, the company appears to say its technical support team would no longer be available through the SunPower web portal, the mySunPower mobile app or at the customer service phone number.
The document also instructed customers to reach out to their initial installers or hardware manufacturers for support. NerdWallet was not able to independently confirm the authenticity of the document or of the information in it with SunPower. The company does have a dedicated page to help customers who are unable to contact their initial installers to find service providers in their states.
Some alleged SunPower customers also claimed on Reddit that they still have access to the monitoring app but receive a message that states “customers are no longer able to receive customer support through this app.”
September 19, 2024 | Reddit & Company Spokesperson
Reddit: SunPower lease transfers affecting real estate transactions
Several alleged SunPower lease customers claimed on Reddit recently that long delays in transfers of their solar leases have left them unable to close on home sales and purchases.
Homeowners who lease their solar systems from SunPower typically agree to make a series of payments to SunPower over the course of several years; if they want to sell their homes before the lease is up, the buyer must agree to take on the lease, which requires a lease transfer.
However, some lessees agreed to use their homes as collateral, allowing SunPower to put a lien on their houses to ensure that they continue to make their lease payments. In these cases, Launch Servicing, the company SunPower hired to handle its leasing services during the bankruptcy process, must ask the local county to release the lien in order to transfer the lease to the new homeowners, a Launch Servicing spokesperson told NerdWallet via email.
This process, along with providing information to the homebuyers’ lenders, involves several parties and takes time — how long depends on the individual transfer.
Launch Servicing told NerdWallet it “is prioritizing transfers and working with customers as best it can based on customer timelines.”
🤓 Nerdy Tip
Lease customers who anticipate selling their homes may need more than the standard 30 days to close. Negotiating closing terms in advance might help avoid losing a contract because of a delayed lease transfer. September 19, 2024 | NerdWallet Answers
NerdWallet answers: What can I expect from SunPower with a leased system?
A reader asks, “What can I expect from SunPower with a leased system? Can I move it to another company, or do I have to wait until the bankruptcy is resolved?”
SunPower is in the process of selling Blue Raven, its subsidiary that installs solar energy systems, as part of its bankruptcy case. Whichever company purchases Blue Raven may also acquire the existing leases. Customers who have Blue Raven leases should watch for notifications about the sale of their contracts; such notifications may come via the contact methods that customers have on file with SunPower.
Because SunPower is filing Chapter 11 bankruptcy, it is still an operating company, which means Blue Raven still owns the equipment that it is leasing to customers. This also means lease customers must continue to make their lease payments.
Customers interested in moving to another solar provider may need to “buy out” their leases first. This means they must purchase the solar system by paying off the remaining portion of their leases, likely in one large payment. The ownership transfer allows the homeowner to do whatever they want with the solar system, including moving monitoring and other services to another company. However, homeowners who go this route may have to pay more for repairs and monitoring than they did with a leased system.
Do you have a question about how the SunPower bankruptcy might affect you as a customer? Email our solar writer, Whitney Vandiver, at [email protected].
September 19, 2024 | Company Spokesperson
Customers wanting to buy out their leases can start the process online
SunPower lease customers who want to terminate their leases can pay off their lease contracts early, according to a spokesperson for Launch Servicing, which oversees billing and lease services for SunPower. Known as a lease buyout, this early payoff amount is based on a “complex calculation,” a Launch Servicing spokesperson said in an email to NerdWallet.
Customers wanting to initiate a lease buyout can call or send a secure message to Launch Servicing via their online borrower portal, the spokesperson said. This process logs the message in the portal, assigns a ticket number to the request and tracks communication between the customer and Launch Servicing.
September 5, 2024 | NerdWallet Answers
NerdWallet answers: Can I get out of my loan for SunPower panels?
A reader asks, “Are you aware of any options customers may have for getting out of the agreement with the financing company and returning the panels? I feel like I was misled by what the cost and production of the system would be.”
We asked Annie Millerbernd, a NerdWallet authority on loans, to give us more insight into what SunPower customers can do with their loans.
“It can't hurt to reach out to your lender, explain the situation and ask about options; there's always a chance the financing company will make accommodations,” Millerbernd says.
But the type of loan you have might affect how responsive your lender is to your request.
“With secured loans, the lender has a stake in the collateral until you've fully repaid the loan,” Millerbernd says. “Unsecured loans are a different story because lenders aren't very interested in how you use those funds and may not have much empathy if you spent it on something that went badly — even if it's not your fault. No matter the type of loan, coming up with the money to pay the debt off is usually a better bet than asking a lender to clear it for you.”
Millerbernd adds that if you believe you were misled when taking out a loan, you may have another option.
“If you suspect the lender failed to disclose certain information, especially the full cost of the loan, it's worth contacting an attorney to see if your loan contract is valid,” she says. “You can also file a complaint with agencies that investigate claims against lenders. The Federal Trade Commission, your state's attorney general and the Consumer Financial Protection Bureau are all good places to start.”
Do you have a question about how the SunPower bankruptcy might affect you as a customer? Email our solar writer, Whitney Vandiver, at [email protected].
September 3, 2024 | Company Publication
Enphase publishes resources for SunPower system owners
Enphase has set up a dedicated page on its website for SunPower customers who are concerned about warranty coverage for and repairs to their Enphase microinverters.
The company also said customers can email [email protected] with questions. Customers who purchased their SunPower systems can call 510-945-6752.
August 29, 2024 | Bankruptcy Documents
Court approves purchase agreements for Blue Raven Solar and SunPower’s TCU loans
A bankruptcy court has approved Complete Solaria’s bid to purchase certain SunPower assets, including Blue Raven Solar . This allows Complete Solaria to go through with the purchase if another company fails to outbid it before Sept. 10. The court gave SunPower the option to hold an auction on Sept. 16 if the company believes doing so can secure a higher amount than Complete Solaria’s $45 million bid.
The court also approved GoodFinch’s purchase of SunPower’s customer loans. The company, which specializes in renewables financing and residential solar loans, will pay over $11.3 million for $19.5 million of outstanding solar loans. The purchase will be shared between GoodFinch and Solar Securitization Master Fund II, an investment fund associated with GoodFinch .
August 23, 2024 | Company Spokesperson
Launch Servicing handling lease transfers initiated after Aug. 1
Launch Servicing, the company SunPower hired to oversee billing and lease contracts during its bankruptcy proceedings, confirmed with NerdWallet that it is handling lease transfers initiated after August 1.
Lease transfers can be critical for solar customers who enter into a solar lease and later want to sell their homes and transfer the lease to the buyer. Customers can call Launch Servicing at 833-514-1858 for help with the process.
SunPower is handling lease transfers that customers initiated before August 1.
August 23, 2024 | Bankruptcy Documents
Maxeon objects to SunPower’s asset sale, asks court to delay deadlines
Maxeon Technologies, the solar panel manufacturer that spun off of SunPower in 2020, has submitted an objection to SunPower’s requested schedule for selling its assets as part of the company’s bankruptcy proceedings.
As part of the spin-off, Maxeon obtained rights to use the SunPower name and related trademarked items such as logos outside the U.S. and its territories.
Now Maxeon is arguing that SunPower will be in breach of its contract if it sells the SunPower name and assets without Maxeon’s consent. It asked the court for at least five business days to consult with and/or object to potential SunPower buyers regarding its rights.
August 14, 2024 | Earnings Call
Complete Solaria bid $45 million for “certain assets” that include Blue Raven Solar
Complete Solaria CEO T.J. Rodgers stated in an earnings call today that the company has offered $45 million to acquire “certain” SunPower assets.
An Aug. 6 filing from SunPower stated that Complete Solaria’s offer included three business operations, one of which is Blue Raven Solar, the company’s installation operation. If the deal closes, Complete Solaria could take over all contracts, including leases and power purchase agreements, according to the filing.
SunPower has requested an auction process if multiple companies are interested in purchasing the three businesses included in Complete Solaria’s bid. Interested companies have until Sept. 6 to submit bids, and an auction will occur on Sept. 10 if necessary, according to court filings.
August 12, 2024 | Expert Take
Customers likely have 90 days to submit claims in SunPower bankruptcy case
Customers who have open warranty claims or installations that certified dealers are refusing to finish may need to file a claim with the bankruptcy court within the next few weeks if they are seeking financial damages from the solar installer.
"If they had a complaint or pending action against SunPower that they are monitoring...there is a deadline that's typically 90 days out from when the bankruptcy has filed," says Monique D. Hayes, a partner at DGIM Law Firm in Miami, Florida with experience in Chapter 11 bankruptcy cases.
Consumers must file a “proof of claim” with the court by the deadline in order to be considered a creditor in SunPower's bankruptcy proceedings, which will allow them to request payment for damages caused by the company.
Although the bankruptcy court might review some customers' proof of claims as part of the bankruptcy case, there is no guarantee they'll get any money. In bankruptcy, secured creditors (lenders with collateral) usually are repaid first.
August 9, 2024 | Company Communication
Enphase confirms it will honor its manufacturer warranties
Enphase released a statement confirming it will honor its manufacturer warranties on its microinverters used in SunPower solar energy systems. Customers can call the company to inquire about coverage if they have a product issue.
August 8, 2024 | Bankruptcy Documents
SunPower to hire Enphase to provide warrantied service
SunPower’s bankruptcy filings show the company is working with Enphase to establish a plan for Enphase to provide service to customers who use the SunPower monitoring system. Enphase’s services would include operational, maintenance and monitoring support for panels and systems with batteries. The services would include coverage for system performance, troubleshooting and repairs previously covered by SunPower’s hardware warranty.
The bankruptcy filing also proposes a subscription arrangement with Enphase for continued services. Customers who lease systems from SunStrong, a joint venture company of which SunPower owns 51%, would be the only ones affected. Those customers would have to pay a $75 transition fee to begin the coverage and an annual fee of either $150 for panels only or $250 for panels plus a battery. The fee would increase by 3% each year.
August 7, 2024 | NerdWallet Context
SunPower customers who stop making loan payments could face credit score hits
Consumers who have taken out loans to buy their SunPower solar energy systems are still responsible for the debt even though the company has entered bankruptcy and says it is "unable to service" systems.
"As frustrating as it may be to have your warranty terms change, the answer is not to stop making loan payments. This will cause the lender to report the loan as delinquent, which will seriously damage your credit score," says Annie Millerbernd, a NerdWallet authority on personal loans.
In addition to a lower credit score, consumers who took out a secured loan could also see the lender repossess equipment in order to cover the missed payments.
"It’s important to remember that your lender is usually not the company that installed and serviced the panels," Millerbernd says. "Even if the installation company goes bankrupt, the lender hasn’t broken any promises and likely still expects you to repay the loan."
August 7, 2024 | Bankruptcy Documents
SunPower to sell its TCU solar loans
Solar giant SunPower filed a motion as part of its Chapter 11 bankruptcy case to sell customer solar loans originated through its partnership with Technology Credit Union (TCU). If approved, the sale would transfer the loans to a new lender . Whether the lender will have the right to modify existing loan terms depends on the original loan agreements with customers; the new lender will likely notify SunPower customers who will be affected by the sale by mail, says Monique D. Hayes, a partner at DGIM Law Firm in Miami, Florida with experience in Chapter 11 bankruptcy cases.
August 7, 2024 | NerdWallet Context
California net metering played role in SunPower’s demise, CALSSA director says
In a statement today, Bernadette Del Chiaro, the executive director of the California Solar & Storage Association (CALSSA), blamed SunPower’s downfall in part on California’s net metering tariff. Under the newest iteration of the policy, compensation rates for homeowners who sell their excess energy back to their utility companies are drastically lower.
“SunPower is the largest solar company to fall in the past year, but it is far from the only casualty. Dozens of companies have gone bankrupt or left California since the start of the “net billing tariff,” also known as “NEM 3,’ in April 2023,” the statement said. “In total, 17,000 jobs have been lost, sales are down 60%, and 81% of California solar companies remain concerned about their ability to stay in business. California solar is in a state of crisis at a time when it should be racing forward.”
SunPower's share of California’s solar market share dropped by two percentage points within the first year of the state’s net billing tariff, according to the Energy Markets and Policy (EMP) department of the Lawrence Berkeley National Laboratory. However, in the year following the net billing tariff’s implementation, the cost of systems with battery storage rose around 17% and the proportion of households that leased rather than purchased their systems rose by 20 percentage points. Both factors are potentially attributable to inflation-driven changes in the economy, according to the EMP, which could have further isolated SunPower’s revenue outside the direct effects of the net billing tariff .
August 7, 2024 | Company Press Release
SunPower hires Launch Servicing to handle lease contracts and billing
In a message to customers, SunPower said it is partnering with Launch Servicing for continued lease billing and contract support. Launch Servicing identifies itself as a debt collection company on its website; however, the company confirmed to NerdWallet that this is a mandatory disclosure and that not all SunPower customers who receive a bill are part of a debt collection effort.
A representative for Launch Servicing said customers should refer to their billing statements for contact numbers if they want to confirm the status of their accounts with SunPower.
August 7, 2024 | Company Spokesperson
Maxeon confirmed the SunPower bankruptcy will not affect its manufacturer warranties
Maxeon Solar Technologies, the company that spun off from SunPower in 2020, said in a statement to NerdWallet that its warranties are unaffected by SunPower's bankruptcy.
"We were the innovation engine for SunPower Corp., but since the spin off, Maxeon has been a separate, publicly traded company, operating independently and with separate management," Maxeon CEO Bill Mulligan said in a post on the company's website.
The company reiterated its statement on X, formerly known as Twitter.
August 5, 2024 | Letter to Customers
SunPower customers can hire other companies for repairs, but it might affect their warranties
Bankrupt solar provider SunPower has announced that customers who purchased a SunPower solar energy system with cash or a loan can hire another company for repairs or maintenance but was unclear about whether doing so might affect manufacturer warranties.
August 5, 2024 | Letter to Customers
In letter to customers, SunPower says it can’t service systems
SunPower said today that its installed systems shouldn’t experience disruptions; however, in a separate message to customers, SunPower stated it was “unable to service” systems, referring to repairs and maintenance requests.
The company’s message to customers also stated that it is "diligently working on an agreement with a service provider" to take over its customer support for solar panels .
August 5, 2024 | Bankruptcy Documents
SunPower announces Chapter 11 bankruptcy, selling Blue Raven
Solar company SunPower filed for bankruptcy today, leaving more than half a million customers questioning which company, if any, will service their solar panels and how the bankruptcy will affect their warranties and loans.
SunPower plans to sell its assets before winding down its operations, according to the announcement. It is also considering selling some of its assets to Complete Solaria, a residential solar installer. The sale will include three of SunPower’s subsidiaries, including Blue Raven Solar, a major installer of residential solar panel.
Whether the new company will change customers’ contracts remains to be seen.
“There is no guarantee Blue Raven’s buyer will honor existing contracts and warranties for customers,” said Ilyse Homer, a partner and team manager of the business reorganization team at Miami law firm Berger Singerman. “Any obligations surrounding Blue Raven’s purchase will need to be established in the agreement and approved by the bankruptcy court.”
SunPower launched as a Silicon Valley startup in 1985 and grew to over half a million customers by 2023. However, the company’s grip on the market began to loosen when it ended its 2023 fiscal year with a net income loss of nearly $250 million, despite adding nearly 159,000 more residential customers that year.
The company restated its financials for the 2022 fiscal year and three quarters of 2023 . It closed its installation and direct sales operations in April 2024 .
SunPower filed for Chapter 11 bankruptcy on Aug. 5 after months of financial struggles. With over 500,000 customers, the solar giant has been a major player in the industry. Its closure likely has many customers worried about warranty coverage, loan terms and continued service. Here’s the latest.
August 5, 2024 | Bankruptcy Documents
SunPower announces Chapter 11 bankruptcy, selling Blue Raven
Solar company SunPower filed for bankruptcy today, leaving more than half a million customers questioning which company, if any, will service their solar panels and how the bankruptcy will affect their warranties and loans.
SunPower plans to sell its assets before winding down its operations, according to the announcement. It is also considering selling some of its assets to Complete Solaria, a residential solar installer. The sale will include three of SunPower’s subsidiaries, including Blue Raven Solar, a major installer of residential solar panels .
Whether the new company will change customers’ contracts remains to be seen.
“There is no guarantee Blue Raven’s buyer will honor existing contracts and warranties for customers,” said Ilyse Homer, a partner and team manager of the business reorganization team at Miami law firm Berger Singerman. “Any obligations surrounding Blue Raven’s purchase will need to be established in the agreement and approved by the bankruptcy court.”
SunPower launched as a Silicon Valley startup in 1985 and grew to over half a million customers by 2023. However, the company’s grip on the market began to loosen when it ended its 2023 fiscal year with a net income loss of nearly $250 million, despite adding nearly 159,000 more residential customers that year.
The company restated its financials for the 2022 fiscal year and three quarters of 2023 . It closed its installation and direct sales operations in April 2024 .
August 5, 2024 | Letter to Customers
In letter to customers, SunPower says it can’t service systems
SunPower said today that its installed systems shouldn’t experience disruptions; however, in a separate message to customers, SunPower stated it was “unable to service” systems, referring to repairs and maintenance requests.
The company’s message to customers also stated that it is "diligently working on an agreement with a service provider" to take over its customer support for solar panel.
August 5, 2024 | Letter to Customers
SunPower customers can hire other companies for repairs, but it might affect their warranties
Bankrupt solar provider SunPower has announced that customers who purchased a SunPower solar energy system with cash or a loan can hire another company for repairs or maintenance but was unclear about whether doing so might affect manufacturer warranties.
August 7, 2024 | Company Spokesperson
Maxeon confirmed the SunPower bankruptcy will not affect its manufacturer warranties
Maxeon Solar Technologies, the company that spun off from SunPower in 2020, said in a statement to NerdWallet that its warranties are unaffected by SunPower's bankruptcy.
"We were the innovation engine for SunPower Corp., but since the spin off, Maxeon has been a separate, publicly traded company, operating independently and with separate management," Maxeon CEO Bill Mulligan said in a post on the company's website.
The company reiterated its statement on X, formerly known as Twitter.
August 7, 2024 | Company Press Release
SunPower hires Launch Servicing to handle lease contracts and billing
In a message to customers, SunPower said it is partnering with Launch Servicing for continued lease billing and contract support. Launch Servicing identifies itself as a debt collection company on its website; however, the company confirmed...
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- 1. SunPower. SunPower Announces Stalking Horse Asset Purchase Agreement with Complete Solaria to Sell Blue Raven Solar, New Homes, and its Non-Installing Dealer Network. Accessed Aug 16, 2024.
- 2. United States Bankruptcy Court for the District of Delware. Order (I) Approving Bidding Procedures and Bid Protections, (II) Scheduling Certain Dates and Deadlines with Respect Thereto, (III) Approving the Form and Manner of Notice Thereof, (IV) Approving the Complete Solaria Stalking Horse APA, (V) Establishing Notice and Procedures for the Assumption and Assignment of Assumed Contracts and Leases, (VII) Approving the Sale of Assets, and (VIII) Granting Related Relief. Accessed Aug 29, 2024.
- 3. Securities and Exchange Commission. FORM ADV. Accessed Sep 4, 2024.
- 4. United States Bankruptcy Court for the District of Delaware. Motion of debtors for entry of an order (I) authorizing and approving the sale of TCU solar loans and RIC depositor membership interests free and clear of all liens, claims, incumbrances and other interests and (ii) granting related relief. Accessed Aug 16, 2024.
- 5. Lawrence Berkeley National Laboratory. One Year In: Tracking the Impacts of NEM 3.0 on California’s Residential Solar Market. Accessed Aug 16, 2024.
- 1. SunPower. SunPower Announces Stalking Horse Asset Purchase Agreement with Complete Solaria to Sell Blue Raven Solar, New Homes, and its Non-Installing Dealer Network. Accessed Aug 16, 2024.
- 7. U.S. Securities and Exchange Commission. Form 8-K. Accessed Aug 16, 2024.
- 8. SunPower. An Update on SunPower’s Business. Accessed Aug 16, 2024.
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